Chad to stop oil output if no World Bank deal

N’DJAMENA – Chad will stop its oil production from Tuesday unless it reaches an agreement with the World Bank to end a dispute over the use of oil revenues, a government minister said on Friday.

“We will turn off the tap in a week if there is no agreement with the World Bank,” Human Rights Minister Abderamane Djasnabaille told a news conference after a cabinet meeting. He said production would be stopped on Tuesday, April 18 at midday.

Chad produces 160,000-170,000 barrels of crude per day.

The World Bank suspended loans to Chad on Jan. 12, saying the government had breached an agreement with the bank when it changed a law to access oil profits from a pipeline operated by a U.S.-led consortium that were meant to benefit the poor.

Reuters